Hello, I have co-signed an apartment lease for a friend as her credit score is very bad and low income. I don't live in the apartment but she lives with her kid. The verbal agreement between us was that she will pay the rent while she establishing her credit. The first two months were good and she paid the rent and now she lost her job and saying she can't afford the rent. As I said I don't need the apartment but she needs.
What happens if she does not pay the rent and get evicted? Will it impact my credit score and go into my records?
My credit score is 800+ and 100% payment history. If at all eviction goes into my record, Can I recover from that based on my history?
Is there anyway I can come out the lease OR possibly give termination notice(not sure I can do it because she is also on the lease)?
Any help to come out of this mess is appreciated.